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A partnership agreement is a contract between two or more individuals or entities engaged in a business for profit, outlining the parties involved, location of formation, and venue for disputes. General partnerships typically divide profits, liabilities, and management duties equally, though partners can choose different distributions. The agreement may also include a non-compete clause for retiring partners and should be paired with a buy-sell agreement to aid in partnership dissolution or preservation in cases of death or divorce. For more information, contact Nevada Corporate Headquarters at 1-800-508-1729.
